A new study has revealed a significant number of homebuyers end up regretting their purchase.
The survey by Ocean Finance found one in ten people wish they had not bought their property, with 28 per cent of these feeling they rushed into the decision. Some 20 per cent claimed they do not like their neighbours, while 16 per cent said the building is not big enough.
Other reasons that have made homebuyers regret their decision include the property needing more work than they first realised (12 per cent), difficulty paying off their mortgage (six per cent) and the fact they would make a loss if they sold the property (six per cent). A final two per cent of these individuals said they simply weren’t ready for the responsibility of owning a home.
Ian Williams of Ocean Finance told Property Reporter: “The key lesson from our survey is to spend more time choosing a house before you buy. Getting to know the area and the neighbours before committing is really important, as is making an honest assessment about the amount of work that the property needs, how big it is and whether it will suit you not just now, but as your family grows.”
There was a clear link between age and house buying regret, with only five per cent of over 55s unhappy with their decision, compared to 23 per cent of people aged between 25 and 34.
However, even those people who do not regret their purchase still tend to have some gripes concerning their property, as only 43 per cent of these individuals are completely happy with their home.
The most common issue highlighted by the survey was that the property is seen as not big enough, with 28 per cent of respondents citing this. Some 21 per cent said the house needs too much work, while 17 per cent claimed it is too cold.
Here at Belvoir Lettings West Derby we understand that not many people can afford the deposit needed to buy “your home”. But for those saving to get the deposit together, why don’t you rent a property in the area? Get to know the neighbourhood before making the big financial commitment! This also benefits you as you will understand the costs of running a home, and although ‘not your responsibility’ in rented accommodation, how much properties cost money to maintain, and what repairs are common in a household.
Belvoir lettings believe that rented accommodation is just as much your home as owning one! And if you are currently renting and you feel ‘unstable’, why not ask your Landlord to renew your tenancy and put you in a longer fixed term agreement? Most Landlords are happy with long standing tenants as long as the property is being maintained well and your rent is paid on time each month! So what do you have to worry about? If you are looking for a property to rent in West Derby and surrounding areas, visit our website, we have a variety of properties that you may be interested in!
Property prices do fluctuate in the buying and selling market, we strongly advise that while saving your pennies to buy a home, keep an eye on property prices and aim to buy your property at the correct time, try and minimise the chance of your property being in negative equity after just a few years of owning the property!
For Homeowner’s that have bought a property and feel they have rushed their decision, or are looking to relocate but there property is in negative equity, or even just ‘hanging on the sales market’, why not let us in Belvoir Lettings West Derby carry out a rental valuation on the property! It’s free, and with the fully managed service we offer you will have nothing to worry about, Let us do all the work! Contact our team on:- 0151 256 0880
